Venmo and other cash apps are a radical change from the way that money was handled in the past. As a result, some people shy away from these apps and opt for good old-fashioned cash.
There’s nothing wrong with that, but it might be useful to have cash apps at some point in the future. There’s a measure of convenience and ease that goes along with them that’s hard to dispute.
We’re going to take a look at some Venmo tips for you to use, hopefully debunking any false ideas you have about the application. Let’s get started.
What Is Venmo?
Venmo is an application on your phone that you link to your bank account. You create an account that’s tied to your phone number. People can search for you via your account name or your phone number.
You can also search for other people based on that information. The principal idea is that any person who has a Venmo account can send money to any other person with an account. If you’re wondering “does Venmo work internationally,” note that it depends on the countries in question.
So long as the account is connected to your bank account and you have money in that account, Venmo can send that money directly to the account of another person.
How Does Venmo Work?
The process is relatively simple. At the bottom of the screen, there’s a button that says “pay” and one that says “request.” Click one of these buttons, and you’ll be asked to find the person you’d like to send money to.
Once you find the person you’re looking for, you’ll be asked to verify the last four digits of their phone number. If you’re sure you’ve got the right person, you can just skip that step.
Then, you enter the amount of money you’d like to pay or request. Confirm that you’d like to pay that amount, and you’re all done! The money goes straight to the other individual’s account.
Alternatively, a request for money will give that person a notification letting them know how much you want.
If someone sends you money, the process is even easier. You’ll receive a notification that someone has paid you a particular amount of money. Then, you go to your account, click on the icon with a dollar sign and a stick figure on the bottom right of the screen, and you’ll see your balance.
Beneath your balance total, you’ll see a blue button that says “transfer balance.” Click that, and you’ll be asked whether you’d like to transfer immediately or wait a few business days.
If you transfer immediately, there’s a small percentage fee. It tends to be no more than two percent, although it fluctuates sometimes. If you wait a few business days, there’s no fee at all.
Need Some More Venmo Tips?
Hopefully, our essential Venmo tips are helpful to you as you get started with the app. Once you’re situated, sending and receiving money is a very easy process.
No cash is needed, you don’t have to waste time, and you’ll have your money transferred right away. We’re here to help with more information if you need it. Explore our site for ideas on using cash apps, managing money, and more.